It seems that the creative minds of the upcoming generation are only expanding to the horizon. People from 17 years to 70 years are starting with new business ventures. Now, you must have come up with this very common question in your mind if you are an aspiring entrepreneur, “What does it take to start a business?”
A successful business is an amalgamation of a lot of things; a great idea and also lots of money! Wait, do a successful business require a lot of money? It surely does. But, does starting a business require a lot of money? Not certainly!
In today’s article, we will be looking at some of the ways to kick start a start-up with no money. And if you reach the end of the article, there’s a bonus for you.
Knowing your market well
If you already have the big idea in mind, then you are already a step ahead. Now it becomes imperative to know the market/ industry very well. One thing that you could probably do is taking feedbacks or reviews at the very inception of your start-up. The importance of feedback is heavily mentioned in the famous book Lean Startup as well. In fact, a lot of start-ups fail because of a lack of idea validation. Reach out to other businesses, founders of successful start-ups and talk about your start-up idea. Make sure to do your research well, else you would be incurring more costs than saving.
It is true that starting a new venture or a business requires a lot of investments, not only in terms of time and capital but also in terms of new tools and automation techniques. But for a start-up that is yet to start the journey, it is difficult to get hands-on most of the available paid tools. But have you tried searching for their unpaid alternatives? There are actually a lot of free alternatives available, take the free trial and use them to your best advantage.
Expand your social media presence
Social media- a bane or boon had been a discussion of the past. Take the boons of social media and grow your online presence to the utmost. If you are a single business owner, using the social media card properly can actually level up your entire game. If you have a very minimal budget, try allocating a good part of it to increase your social media presence because this will actually increase the return on investment for the business.
Now you might be wondering what does this abbreviation 3F mean. It basically means Fools, Friends and Families. I can anticipate the next question that you are having, why fools!
Fools are considered that group of people who undermine the risk of investing in seed start-ups and end up investing heavily. Friends and family are someone from whom you can get funding without an extensive collateral or interest rate. But this again comes with a risk of its own. In case you are not able to pay back, it can surely affect relationships.
Having a co-founder
You might be a one-man or one-woman army for sure who will be able to juggle between all the different angles of the business alone but if you have someone with similar zeal and passion for the start-up or even better if you have a team if such enthusiastic persons, it’ll not only elevate the progress of the business but also will stand as a strong back bone in case a financial crunch shows up.
Impress your audiences
For any new business idea to boom, it is very important to win one aspect of it, your customers. Now understand that your audience, or specifically your target audiences will be the only one who will be responsible for the growth of your business or the other way around as well. Put your focus on the needs and recommendations of each and every single customer. You can do this by giving occasional discounts on the products or services, surprise gift with purchase,s or timely delivery of services. These are very small things to read, but it can make a paramount impact on your business.
Crowdfunding is one way to get funding for your start-up venture from the public. Crowdfunding basically maneuvers the power of the internet to get funding for new start-ups. If your idea is something that is different and promises to solve a real problem, don’t hesitate to advertise your idea to the public.
If you have reached this part of the article, then let me tell you, the wait was worth it. As a bonus, I will be sharing some business ideas that you can start with absolutely no money and few books that can actually level up the start-up game!
- Freelancing– If you have a niche, it can be as simple as being a content writer or a virtual assistant, freelancing can help you to amp up your skills as well as build fund for your own business idea,
- Digital marketing is another popular niche that is being explored a lot these days. You can start with one social media platform and start offering your digital marketing services.
Must-read books for any start-up entrepreneur!
- The Lean Startup- Eric Ries
- Creativity, Inc- Edwin Catmull
- Zero to One- Peter Thiel
- The $100 start-up- Chris Guillebeau